Brooklyn Real Estate Outpaces Manhattan as City Tallies Values
- Brooklyn jumps 14 percent, while Manhattan up 8.2 percent
- Property taxes make up about 41 percent of NYC’s revenue
Aerial views of Brooklyn, in New York.
Photographer: Craig Warga/BloombergThis article is for subscribers only.
New York City set a value of $1.16 trillion for its more than one million properties for the fiscal year beginning July 1, 2018, an increase of 8.74 percent over the previous period, according to city finance department data.
Residential and commercial property values in Brooklyn rose 14 percent, the most of New York’s five boroughs, to $301 billion. Manhattan property rose 8.24 percent. The values are later used to help set tax assessments, which are established separately.